Core Viewpoint - Wanliyang Energy Company plans to raise funds through equity financing to support its business development and new energy storage projects, with a valuation of approximately RMB 739.96 million as of June 30, 2025 [1] Group 1: Company Overview - Wanliyang Energy Company focuses on energy storage station investment and operation, electricity market spot trading, and innovative technology services [1] - The company is a subsidiary of Wanliyang Group, which is increasing its stake in Wanliyang Energy Company through a capital increase [1] Group 2: Financial Details - Wanliyang Group will invest RMB 133 million to subscribe for an additional registered capital of RMB 38 million, with RMB 9.5 million allocated to capital reserves [1] - After the capital increase, Wanliyang Group's ownership in Wanliyang Energy Company will rise from 34.95% to 44.65% [1] - The registered capital of Wanliyang Energy Company will increase from RMB 216.78 million to RMB 254.78 million following the capital increase [1] Group 3: Shareholding Changes - The existing shareholders of Wanliyang Energy Company have waived their preemptive rights to participate in this capital increase [1] - The company's shareholding in Wanliyang Energy Company will be diluted from 47.05% to 40.03% post-capital increase, maintaining its status as an associate company [1]

Group 1: Main Business Operations - Wanliyang Energy Company primarily engages in energy storage power station investment and operation, as well as electricity sales [2] - The energy storage power stations include generation-side, grid-side independent, and user-side storage facilities [2] Group 2: Energy Storage Station Layout - Generation-side energy storage stations are located in Guangdong and Gansu provinces, while user-side stations are in Zhejiang province [2] - Grid-side independent energy storage stations are situated in Guangdong and Zhejiang provinces, with ongoing expansion in Jiangsu, Guangxi, and Hainan provinces [2] Group 3: Operational Scale of Independent Energy Storage Stations - Currently operational grid-side independent energy storage stations in Zhaoqing, Guangdong (100MW/200MWh) and Yiwu, Zhejiang (100MW/200MWh) [3] - Under construction: "Wanliyang Gaoming Independent Energy Storage Station" in Foshan, Guangdong (200MW/400MWh) and "Yiwu Wanliyang Suxi Substation" in Yiwu, Zhejiang (50MW/100MWh), expected to be operational in the second half of 2025 [3] Group 4: Infrastructure Composition - Main facilities of grid-side independent energy storage stations include battery packs, inverters, transformers, fire protection systems, and basic infrastructure [3] Group 5: Business Development Plans - The company aims to expedite the commissioning of ongoing energy storage projects and enhance operational efficiency of existing projects, targeting a total capacity exceeding 3000MW/6000MWh [3] - Plans to leverage accumulated advantages and experience to expand external market operations and maintenance services for energy storage stations [3] Group 6: Business Model of Independent Energy Storage Stations - Independent energy storage stations primarily provide peak shaving, frequency regulation, backup, and black start services to the grid, with variations across provinces [3] Group 7: Operation and Maintenance Costs - Current operation and maintenance costs mainly consist of personnel salaries, office expenses, and facility maintenance costs [3]